Investors Worry More About Upcoming Fed Meeting

Investors Concerned Ahead of the Upcoming Fed Meeting

In light of recent economic data, investors are growing increasingly apprehensive about the upcoming meeting of the Federal Reserve.

Bitcoin (BTC) Remains in a Holding Pattern

Bitcoin's price has been consolidating within a narrow range of $500, hovering between $69,582 and $69,139. Cautiousness among investors, triggered by weak Non-Farm Payroll data, has contributed to this sideways movement.

Fed Interest Rate Decision and Implications

The Fed is expected to maintain current interest rates at its upcoming meeting. However, recent data has dampened expectations of potential rate cuts before December and cast doubt on the previously forecast 75bp year-end reduction.

BTC Price Analysis

If BTC loses its support level of $68,500, it could trigger a deeper correction towards $66,900. A break below this level could lead to further declines. The $68,500 mark serves as a crucial alarm zone for downside risks.

Cryptocurrency Market Overview

The total trading volume for cryptocurrencies has declined to $53 billion over the past 24 hours, indicating reduced investor interest. Bitcoin's dominance has increased to 54%. The total market capitalization has dipped to $2.53 trillion.

Notable Losers of the Week

Several cryptocurrencies have experienced significant losses over the past seven days. TIA, BEAM, LDO, CHZ, FET, AR, PEPE, AGOX, and SNX Coin have all suffered declines of around 20%. Meme coins, such as PEPE Coin, have faced particularly steep sell-offs.